Treasury holds firm on Aug. 2 deadline

Congress will not get any additional time to hammer out a deal to raise the debt limit from the Treasury Department, which announced Friday that Aug. 2 is still the latest it can continue borrowing funds without a boost.

“The Treasury Department continues to project that the United States will exhaust its borrowing authority under the debt limit on August 2, 2011," said Mary Miller, the Treasury's assistant secretary for financial markets. "Secretary Geithner urges Congress to avoid the catastrophic economic and market consequences of a default crisis by raising the statutory debt limit in a timely manner.”